Moody's rates Biomet revolver B1, notes B3

Moody's Investors Service said it assigned a B1 to Biomet, Inc.'s newly amended and extended cash flow revolver and term loan and a B3 to its new senior unsecured note offering.

At the same time, Moody's affirmed Biomet's existing ratings including its B2 corporate family and probability of default ratings, as well as its SGL-2 speculative grade liquidity rating.

The outlook is stable.

Proceeds are expected to be used to refinance existing bank debt and fund the tender of existing PIK option notes.

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